Anthony Grisanti, founder and president of GRZ Energy, doesn’t see gold reversing its ascent. “I think with [quantitative easing] still going on next year and no call for it to end, gold will go higher," he tells CNBC

Rich Ilczyszyn, founder of iiTrader, sees another source of support for the metal. "We still have all kinds of geopolitical risk,” he tells CNBC. Investors’ preoccupation with the U.S. fiscal cliff is blinding them to problems elsewhere, Ilczyszyn says.

And the fiscal cliff might help gold in any case.

Following its drop to a one-month low Wednesday, Miguel Perez-Santalla, vice president of gold dealer BullionVault, told Reuters, "There is some heavy selling by fund investors and leveraged money, but physical gold demand should benefit in the long run from the fiscal cliff after these short-term fluctuations."